SRS Exact Property Companions’ Nationwide Internet Lease Group has accomplished the $1.25 million sale of a 2,849-sq.-foot single-tenant property with drive-by way of occupied by Popeyes Louisiana Kitchen in Indianapolis.
Located on 1.17 acres at 3015 W. 16th St. in Indianapolis, the property purchased above asking worth. Furthermore, the transaction set a traditionally doc low cap price of 4.87 % based mostly on all payment straightforward quick meals eating places above $1 million Inside the Midwest. It was additionally The backside doced cap price for a Popeyes sale over the previous 18 months excluding California and Texas (per CoStar data).
SRS’ Nationwide Internet Lease Group’s Steven Roberts and Vice Presidents Michael Carter and Frank Rogers represented The vendor, A private investor from California. The client was in a 1031 commerce.
Inbuilt 2001 and reworked in 2011, the property is prolonged-time period leased to Popeyes with A agency guarantee. It is situated on a extremely visitorsked intersection and An monumental pylon provides added visibility. The property is shut to Eagledale Plaza Buying center As properly as to a quantity completely different national retailers offering strong crossover visitors. Furthermore it Is Simply one mile from the Indianapolis Motor Speedway, the world’s largest sports activities venue.
As a Outcome of the COVID-19 disaster started, SRS’ Nationwide Internet Lease Group (NNLG) has shutd 673 transactions valued at over $2.5 billion. Furthermore, the group has shut toly $654 million of belongings beneath LOI or in escrow and $1.5 billion in belongings presently listed On the market. In 2020, the NNLG effectively accomplished Greater than 490 transactions, throughout 44 states nationwide.